# 中國經濟四月表現不佳，消費、工業產出及投資增長均未達預期。

*business · news · 2026-05-18 · CNBC*

## Key points

- 中國四月零售銷售增長僅0.2%，為2022年12月以來最弱。
- 四月工業產出增長4.1%，未達預期的5.9%。
- 前四個月城鎮固定資產投資收縮1.6%，扭轉先前增長趨勢。
- 中國四月出口激增14.1%，遠超預期的7.9%增幅。

China's economy stumbled in April with consumption, industrial output and investment growth missing expectations as the fallout from the Iran war dampened momentum in the world's second-largest economy. Retail sales, a gauge of consumption, grew 0.2% last month from a year ago, sharply missing economists' forecast for a 2% rise and slowing from 1.7% in March, according to data released by the National Bureau of Statistics on Monday. That marked the weakest growth since December 2022. China's industrial output jumped 4.1% in April from a year earlier, decelerating from 5.7% growth in March, and undershooting expectations for a 5.9% rise in a Reuters poll. Urban fixed asset investment, including real estate and infrastructure, contracted 1.6% in the first four months this year from a year earlier, compared with expectations for 1.6% growth. In the January to March period, urban investment had expanded 1.7% year on year. The strong performance of exporters helped to mitigate the weaknesses in domestic demand, but not enough to fully offset it, said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management. Zhang, however, expects Chinese policymakers to stand pat on stimulus measures until there are further signs of economic deterioration. China's exports gathered pace in April as factories scrambled to meet surging overseas demand from foreign buyers racing to stockpile goods amid fears that the Iran war could push global input costs higher. Exports expanded 14.1%, sharply beating the forecast of 7.9% rise. Urban unemployment rate edged lower to 5.2%, from 5.4% in March, data released Monday showed.

**Countries:** China, Iran

[Read the full story on CNBC](https://www.cnbc.com/2026/05/18/china-april-retail-sales-industrial-output-investment-unemployment-iran-war.html)

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